Refrigerant Oil Market to Reach $10 Billion by 2020

Refrigerant Oil Market Led By the Phase out of CFC Refrigerants, Subsequent Demand for Synthetic Refrigerant Oils to Reach the $10 Billion Mark By 2020

The Report “Refrigerant Oil Market, By Oil Type (Mineral Oil, AB, PAO, PAG and POE), By Refrigerant Type (CFC, HCFC, HFC and Others), By End-User Industry (Automobiles, Household, Commercial and Industrial) and By Geography – With Forecast (2015 – 2020)”, according to a recent study from IndustryARC, The refrigerant oil market recorded revenues of $7.8 Billion in 2014 and for the period 2015-2020, it is estimated to grow at a CAGR of 4.4% to reach $10 Billion by 2020.

Refrigeration is the process of cooling a substance or an area below the temperature of the surroundings. The refrigerants follow a cycle which includes vapour-compression, absorption, steam ejection and air. Mechanical refrigeration uses the evaporation of a liquid refrigerant to absorb heat. Along with refrigerants, ascends the need for refrigerant oils. Oil is applied in the refrigeration system to lubricate compressor bearings and other moving parts. The anticipated long life span of the compressors is greatly dependent upon the quality of refrigerant oil used. Oil if not mixed properly with the refrigerants in the compressor, may work as a contaminant and will lower the efficiency of the system.

With respect to end users, the market is classified into automotive, commercial, industrial and households. The durability of refrigeration compressors is closely associated to the eminence and performance of the refrigerant oils. The lubricant is primarily used to grease mechanical contacts such as bearings, mechanical seals, gears and other heavily loaded contacts in the refrigeration compressor. With a growing commercial sector globally, the refrigerant oil market in this segment is estimated to grow at a CAGR of 5.3% and by 2020 account for 43% of the global consumption of refrigerant oils.

The refrigerant industry is an extremely competitive market in the Asia-Pacific region, whereas Europe and American markets have reached a point of saturation.

Following are The Major Players in this Market:

The Lubrizol Corporation (U.S.)

Chemtura Corporation (U.S.)

BASF SE (Germany)

The Dow Chemical Co. (U.S.)

Idemitsu Kosan Ltd. (Japan)

According to a recent study from IndustryARC, Asia Pacific is the major region with maximum number of cities with more than 50,000 people living there. Growing urbanization makes it inevitable for the OEMs to increase production of air conditioners and refrigerators in people rich countries. Because of the fast pace in growth of consumer electronics market, there is an upsurge in the demand for refrigerant oils especially in the developing countries. Major regulatory changes have a very strong impact on a market such as Refrigerant Oil which is directly impacted by the Refrigerants markets.

The Synthetic Refrigerant Oil Market comprises of

Alkyl Benzene (AB)

POE

PAO

PAG

The Global Refrigerant Oil Market volume is forecast to grow by 4.8% between 2015 and 2020. Asia Pacific region is projected to hold major share with around 35% share in 2015. By 2020, the market share of APAC is estimated to witness slight increase due to the growing urbanization which makes it inevitable for the OEMs to increase production of air conditioners and refrigerators in people rich countries. Americas also held a considerable share of 29.5% and its market volume is forecast to grow by 3.9% from 2015 to 2020. Europe’s refrigerant oil market volume was 236 Kilotons in 2014 and is estimated to be 297 Kilotons by 2020.

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